Century Plyboards (532548) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 saw consolidated revenue up 13% year-on-year and 5.1% quarter-on-quarter, with standalone revenue up 2.3% YoY and 4.5% QoQ.

• The plywood segment led growth and profitability, with high capacity utilization and ongoing expansion.

• Laminate and MDF segments are scaling up, supported by new facilities and expansion plans.

• Audited standalone and consolidated results for FY25 were approved, with unmodified auditor opinions.

Financial highlights

• Standalone revenue for FY25 was ₹406,791 lakhs, up from ₹375,857 lakhs in FY24; consolidated revenue was ₹452,780.21 lakhs, up from ₹388,595.27 lakhs.

• Standalone EBITDA for FY25 was ₹52,401 lakhs (12.9% margin); PAT was ₹28,455.69 lakhs (7% margin).

• Q4 EBITDA margin was 15.4%; consolidated EBITDA margin for Q4 was 13.6%.

• MDF revenue grew 37.5% YoY in Q4, with a 13.2% EBITDA margin; Andhra Pradesh MDF facility turned EBITDA positive.

• Particle board revenue declined 23.2% YoY in Q4, with a 5.6% EBITDA margin.

Outlook and guidance

• Expecting 20% value-based revenue growth for the year, with strong April and May performance.

• Laminate segment targeting 8-10% EBITDA margin by H2; plywood margins guided at 12-14%.

• MDF demand expected to grow at 20%+ annually; price hikes anticipated towards year-end.

• Particle board new plant expected to improve margins and utilization, with break-even at 60%+ utilization.

• The Board recommended a final dividend, indicating confidence in future cash flows.